April 25, 2024 7:48 pm
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Investor purchases 7-acre site zoned for 192 apartments in Chandler

Chandler 7 acres

Chandler 7 acresAn investment group managed by Atlantic Development recently purchased a 7-acre site in Chandler zoned for apartments. It is located east of the northeast corner of Arizona Avenue and Ray Road.

The site was approved for 27 du/ac, 3 stories and 192 units.

Johnson Bank was the seller in this transaction and foreclosed on the subject property in 2013. During the bank’s ownership the site was rezoned in Chandler from industrial to multi-family.

Atlantic Development purchased the site for $1.5 million ($214,258/acre or $7,812/door), and is considering building the approved product.

The transaction was negotiated by City to City Commercial – Kent Baker/Jeff Dinsdale.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.